Gonu storm eases as it approaches Iran

HONG KONG (MarketWatch) -- The storm named Gonu eased on Thursday to a tropical storm from a cyclone on the way to Iran, after it bore down earlier in the day in Oman, shuttering oil installations and port operations as fierce winds and torrential rains battered the region.

Gonu, which weakened before making landfall and was downgraded to hurricane strength one Wednesday from a maximum-force hurricane strength five on Tuesday by the U.S. military's Joint Typhoon Warning Center, is now no more than an ordinary tropical storm, according to reports.

"As far as Oman is concerned, it is over. Cyclone Gonu passed into the Gulf of Oman and is heading toward Iran, but is no longer a tropical cyclone," said Orman meterological department's head Ahmad al-Harthi, according to a Reuters report.

Crude oil for July delivery fell 3 cents to $65.93 a barrel in electronic trading after rising as high as $66.29 a barrel earlier in the day.

The storm reportedly caused 12 deaths in Oman and halted its oil and gas exports for a third day, as rough sea conditions prevented tankers from sailing. Little damage to oil fields was reported.

The United Arab Emirates also shuttered refueling and ship-to-ship supply operations in the Port of Fujairah. Oil tankers were allowed to berth, but loading and other operations were suspended, said reports.

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